CapLease repurchases $10.3 million in 7.5% convertible notes due 2027 for $5.4 million

By Devika Patel

Knoxville, Tenn., April 24 - CapLease, Inc. said it repurchased $10.3 million of its $75 million 7.5% convertible senior notes due 2027 for approximately $5.4 million in cash plus accrued interest.

The purchase price represents a 48% discount to the face amount of the notes and a yield to maturity of about 30%.

CapLease funded the repurchase with cash on hand.

Along with the repurchases completed in December and January, the company has now retired just over $19 million, or 25%, of its convertible senior notes for about $8.6 million.

There are about $56 million of the notes still outstanding.

CapLease is a New York-based real estate investment trust.

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